GoDaddy (NYSE:GDDY) Research Coverage Started at Piper Sandler

Piper Sandler started coverage on shares of GoDaddy (NYSE:GDDY) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $93.00 target price on the technology company’s stock.

A number of other brokerages have also recently issued reports on GDDY. Citigroup decreased their target price on GoDaddy from $195.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Barclays dropped their price target on shares of GoDaddy from $200.00 to $118.00 and set an “overweight” rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company decreased their price objective on shares of GoDaddy from $145.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Cantor Fitzgerald lowered their target price on shares of GoDaddy from $130.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 25th. Finally, Evercore set a $95.00 target price on shares of GoDaddy in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $125.57.

GoDaddy Price Performance

Shares of NYSE:GDDY opened at $81.18 on Thursday. The stock has a market capitalization of $10.83 billion, a P/E ratio of 13.03, a P/E/G ratio of 0.74 and a beta of 0.96. The business has a 50-day moving average of $97.46 and a two-hundred day moving average of $120.82. GoDaddy has a fifty-two week low of $73.06 and a fifty-two week high of $193.55. The company has a debt-to-equity ratio of 17.50, a current ratio of 0.61 and a quick ratio of 0.61.

GoDaddy (NYSE:GDDY) last issued its quarterly earnings data on Tuesday, February 24th. The technology company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.22. GoDaddy had a return on equity of 369.00% and a net margin of 17.67%.The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts predict that GoDaddy will post 6.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Amanpal Singh Bhutani sold 34,148 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $88.99, for a total value of $3,038,830.52. Following the sale, the chief executive officer owned 530,120 shares in the company, valued at approximately $47,175,378.80. This trade represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Leah Sweet sold 650 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $86.86, for a total transaction of $56,459.00. Following the transaction, the director directly owned 11,414 shares in the company, valued at $991,420.04. This trade represents a 5.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 61,918 shares of company stock valued at $5,500,469 in the last three months. 0.70% of the stock is owned by corporate insiders.

Institutional Trading of GoDaddy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC raised its position in shares of GoDaddy by 12.9% during the fourth quarter. Corient Private Wealth LLC now owns 9,779 shares of the technology company’s stock valued at $1,213,000 after buying an additional 1,116 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of GoDaddy by 67.0% in the fourth quarter. Pacer Advisors Inc. now owns 1,256,998 shares of the technology company’s stock valued at $155,968,000 after buying an additional 504,374 shares during the period. Invesco Ltd. grew its position in GoDaddy by 9.3% during the fourth quarter. Invesco Ltd. now owns 2,209,899 shares of the technology company’s stock worth $274,204,000 after buying an additional 187,839 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in GoDaddy by 85.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 30,531 shares of the technology company’s stock valued at $3,788,000 after acquiring an additional 14,053 shares during the period. Finally, Delta Global Management LP increased its stake in GoDaddy by 13.6% during the fourth quarter. Delta Global Management LP now owns 19,624 shares of the technology company’s stock valued at $2,435,000 after acquiring an additional 2,354 shares during the period. 90.28% of the stock is currently owned by institutional investors and hedge funds.

About GoDaddy

GoDaddy is a technology company that provides a suite of online services aimed primarily at small businesses, entrepreneurs and individuals looking to establish and grow an online presence. The company’s core activities include domain name registration and aftermarket services, a range of website hosting options, and tools for building, managing and promoting websites. Its product mix is designed to simplify the technical aspects of running a website so customers can focus on their businesses.

Product and service offerings span website builders and managed WordPress hosting, shared and dedicated hosting, e-commerce capabilities, email and productivity solutions, SSL certificates and site security tools, and online marketing and search engine optimization services.